内容概要：铜作为基础工业原料，在新能源汽车、光伏、电子信息、电力基础设施等战略新兴及民生关 键领域需求旺盛，而原生铜矿开采受资源禀赋与环境约束，再生铜的替代价值与经济性日益凸显，成为 弥补供需缺口的关键渠道，尤其近几年，在国家循环经济发展战略与"双碳"目标的双重驱动下，我国废 铜回收市场步入高速发展的黄金期，据统计，2024年我国废铜回收量达260万吨，同比增长8.3%；回收 均价达68564.9元/吨，同比增长10.4%；回收价值达1782.7亿元，同比增长19.6%。 废铜回收是指对生产、流通、消费环节中产生的失去原有使用价值或被淘汰的铜及铜合金制品，通过收 集、分拣、加工、提纯等一系列工艺，使其重新转化为可用于工业生产的铜原料（再生铜）的资源循环 利用过程。废铜回收不仅能减少铜矿开采带来的资源消耗和环境破坏，还能降低铜冶炼的能源消耗和污 染物排放，是实现铜资源可持续利用的核心途径。按来源不同，废铜可以分为工业废铜和生活废铜，因 此，废铜回收也可以分为工业废铜回收和生活废铜回收。 废铜回收分类 二、发展历程 我国废铜回收行业从计划经济时期的国营垄断，到改革开放后的市场化萌芽，再到工业化进程中的快速 扩张， ...

值得关注的是，公司控股子公司金昌高能环境技术有限公司在2024年铂族回收工艺全面拉通的基础上， 2025年逐步释放产能，高附加值的稀贵及铂族金属产量大幅增长，盈利能力显著增强。公司控股子公司 江西鑫科环保高新技术有限公司变革经营思路，同时结合生产工艺优化，提升稀贵金属产量，降低生产 成本，经营效益逐步释放。固废危废资源化利用板块的珠海新虹项目，已于2024年12月顺利投产，2025 年实现全年稳定生产，新增产能的逐步释放，扩充了整体生产能力同时，效益随之逐步释放体现。与此 同时，公司固废危废资源化利用板块受益于金属价格持续上行，进一步增强产品盈利能力。 高能环境作为固废危废领域金属资源化利用的领军企业，核心业务深度契合《固体废物综合治理行动计 划》（以下简称《行动计划》）政策导向与"双碳"目标。凭借全链条产业布局与核心技术壁垒，公司已 成为政策落地的重要践行者与行业红利的直接受益者。 数据显示，我国2024年大宗固废综合利用率达59%，再生铜、铝国内原料供应占比分别达58.4%、 84.4%，产业基础坚实。随着《行动计划》深入推进，固废资源化产业政策红利加速释放，政策强化循 环利用支撑并突出资源属性，开展"城 ...

格隆汇1月7日｜山东省工信厅等多部门联合印发《山东省有色金属行业稳增长工作方案》，其中提到， 重点打造临沂"再生铜冶炼+城市矿产"铜产业集群、滨临烟再生铝循环利用基地，支持建设"互联网+回 收"平台，提升再生资源回收效率与覆盖面。落实废铝回收利用增值税30%即征即退政策，规范再生 铜、再生铝拆解分选流程，推动废旧动力电池、光伏组件等新兴固废资源化利用，形成完善的再生资源 循环利用产业链。鼓励再生资源企业"走出去"，拓展海外废杂铜、废铝回收渠道，提升海外再生资源获 取能力。 ...

价格成本支撑：从历史数据观测来看，矿山毛利率至少要在40%以上，且持续高位运行，才足以提振企业 加大资本开支。40%的毛利率对应的铜价为12000美元/吨，因此12000美金可能成为未来铜价运行的底部支 撑。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：湖畔新言 要点 宏观分析：美国中期选举下特朗普政策重心转至稳增长领域、关税不确定性或有减弱、全球财政货币扩 张趋势延续；美国经济有望从增速下滑转为修复回升。国内"十五五"开局之年，政策积极主线仍将延续。宏观 景气度抬升，将助力铜价运行至新台阶。 铜定价逻辑演变：全球铜需求驱动逻辑，已经从由中国消费增量贡献，转为全球科技企业持续高资本开 支带来的AI基础设施建设所需的铜需求快速增长预期，包括数据中心、电力系统、储能等。直接表现为美国 对全球铜的大量虹吸。 供需格局：26-28年全球铜矿供应增速预计将维持在2%低位， 2026年精铜产量增速将下降至2%以下。储 能和AI数据中心将接替风电、光伏成为未来铜消费强劲增长点，再加上全球电网建设更新，未来全球铜消费 增速有望保持3%的年均增速。2026年全球铜供需将短缺33万吨，2027年短缺6 ...

中共江西省委常委、常务副省长任珠峰表示，江西培育壮大了95家企业列入国家规范公告名单，废钢 铁、再生铜等再生资源年利用量超过两千万吨，其中废旧动力电池再生利用企业数量居全国第一，铜、 稀土二次资源为生产环节提供原料比超过六成，远超全国平均水平，全省秸秆以及牲畜粪便等利用率也 保持高位，真正实现了变废为宝。 江西丰城是全国循环经济示范城市、国家首批绿色产业示范基地。中共丰城市委书记张书基介绍，丰城 具有坚实完备的产业基础，建成了循环经济专业园区，规上企业130家，带动集聚上下游企业一千余 家，形成废旧资源回收、拆解、分选、熔炼、精深加工的完整产业体系，构建了产能规模均超百万吨的 再生铜、铝、塑料三大产业链条，成功打造了从废料到原料到材料到产品的上下游配套产业集群。(完) （文章来源：中国新闻网） 中新网江西丰城12月23日电(记者华山)以"循环赋能、创新共生"为主题的2025循环经济产业创新发展大 会23日在江西丰城召开。来自行业协会、科研院所及企业代表等200余人参会，共商循环经济高质量发 展路径，助力"双碳"目标实现。 中国循环经济协会会长朱黎阳介绍，回首"十四五"，我国循环经济取得显著成效，累计综合利用大 ...

（文章来源：证券日报） 证券日报网讯 12月23日，云南铜业在互动平台回答投资者提问时表示，面对外部市场的周期波动与挑 战，公司"苦练内功、深挖潜能"，通过极致的内部管控与战略优化，持续夯实竞争力。财务管理方面， 公司推行"铁血降本"，实施全流程成本精细化管理，如推行"四四降本法"，从生产运营、市场营销、财 务资金、组织管理等多个维度降本增效。经营提升方面，公司优化利润结构，积极培育新的效益增长 点，如着力提升黄金、白银、硫酸及其他稀散金属等副产品的产量与价值贡献；布局再生铜资源的回收 利用。此外，公司持续夯实资源基础，支撑长期价值，通过内部勘探增储和依托控股股东支持，积极推 动优质矿山资源的整合，稳步提升资源自给率。未来，公司将持续通过对标行业先进，学习借鉴优秀管 理实践，动态优化财务管理与运营体系。 ...

1. Report's Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - In 2025, copper was the most outstanding variety in the non - ferrous metal sector, with the best supply - demand fundamentals, the strongest financial attributes, and the smoothest upward logic. Its annual increase was the largest since 2009 [1]. - In 2026, copper is expected to be one of the strongest - performing commodities. The supply of copper concentrates will be tighter than in 2025, and the global copper supply - demand pattern will shift from a tight balance to a supply shortage. The copper - gold ratio has room for significant repair, and valuation repair may become the underlying driver of copper price increases in 2026. The expected trading range of the main Shanghai copper contract is 89,000 - 91,000 yuan/ton as the support and 130,000 - 140,000 yuan/ton as the resistance [2][3]. 3. Summary According to the Directory First Part: Long - term Copper Price Trend Analysis and 2025 Trend Review - **Copper Price Historical Trend Review**: From the 1990s to 2023, copper prices experienced five major upward cycles, mainly driven by factors such as economic growth, financial attributes, and supply - demand imbalances. Since 2024, the contradiction of tight global copper mine supply has been prominent, and in 2025, the structural contradiction of refined copper inventory dominated the copper price trend [13][14][19]. - **2025 Copper Price Trend Review**: In 2025, the copper price showed different trends in different stages. In the first quarter, it oscillated strongly; in April, it recovered after a decline; from May to August, it fluctuated at a high level; from September to December, it entered a second main upward wave and reached a new high. Supply - side disturbances and demand - side changes were the main driving factors [22][24][27]. Second Part: Domestic and Overseas Macroeconomic Influencing Factors - **Domestic Economic K - shaped Differentiation, New and Old Kinetic Energies at Two Extremes**: In 2025, China's economic growth kinetic energy shifted from investment to consumption and exports. Investment also shifted from traditional infrastructure and real estate to high - end manufacturing, digital economy, and new energy. The anti - involution policy in the third quarter boosted inflation to some extent. In 2026, China's economy will continue this transformation trend, and copper will benefit from strong demand in related fields [33][42][44]. - **The US Dollar Index Enters the Middle of the Downtrend, and the US Manufacturing Industry Enters the Expansion Cycle**: In the future, the US copper demand has great growth potential. The US manufacturing industry has been performing strongly, and the "Creation Mission" plan will increase copper demand. The US dollar index is expected to continue to decline in 2026, which will boost the copper price from a valuation perspective [56][57][72]. Third Part: Spot Premiums and Discounts No specific summary content provided in the text, only a figure about the seasonal trend of spot premiums and discounts is mentioned [75]. Fourth Part: Global Copper Supply Analysis - **Frequent Disturbances in Global Copper Mine Supply, Strong Constraints on Copper Concentrate Production**: In the long - term, global copper mines face problems such as slow production growth and declining grades. In 2025, supply disturbances increased, and the annual production growth rate was expected to be less than 2%. The global competition for copper resources is intensifying. In 2026, the supply of copper concentrates is expected to remain tight [78][79][95]. - **The Tight Supply of the Mining End Has Not Been Transmitted to the Smelting End, and China's Electrolytic Copper Production Has Reached Record Highs**: In 2025, although the supply of copper concentrates in China was tight and TC processing fees hit a record low, electrolytic copper production still increased significantly, mainly due to new capacity, high prices of by - products, and the substitution of scrap copper. In 2026, the supply of copper concentrates will still be tight, and China's electrolytic copper production is expected to remain at a high level but may slightly decline year - on - year [107][108][111]. - **The Spread between Refined and Scrap Copper Widens, and the Supply of Recycled Copper Resources Is Tight**: In 2025, the supply of scrap copper in China was tight, mainly due to concerns about tariffs on US scrap copper imports and policy impacts on recycled copper rod enterprises. In 2026, the situation of tight scrap copper supply may continue [123][124][127]. - **The Willingness to Export Electrolytic Copper Has Significantly Increased, and Imports Have Decreased**: In 2025, affected by the expected US tariff on copper imports, the export willingness of electrolytic copper in China increased, and imports decreased. The demand for copper concentrate imports increased [132][133][134]. Fifth Part: Global Inventory Structural Contradictions Are Prominent Since 2024, the impact of the global copper inventory structure on the price has been increasing. In 2025, the total inventory of the three major exchanges increased, but the COMEX inventory increased significantly, while the Shanghai and London inventories were maintained at low levels. In 2026, the structural contradiction of global copper inventory is expected to remain difficult to resolve [141][142][143]. Sixth Part: Copper Demand Analysis - **China's Copper Product Output Reached a Record High, and the Output Growth Rates of Refined Copper Rods and Copper Foil Were Obvious**: In 2025, China's copper product output reached a record high, with the output of refined copper rods and copper foil growing rapidly. In 2026, the output growth rate of refined copper rods is expected to increase, while the output of copper tubes and copper rods may decline, and the demand for copper foil is expected to continue to grow at a high rate [149][150][151]. - **Power Grid and New Energy Demand Are Strong, and Real Estate Demand Continues to Be Weak**: In 2025, power grid investment increased, while real estate investment declined, and the demand for copper in the home appliance sector weakened. In 2026, power grid investment is expected to achieve double - digit growth, while real estate and home appliance demand are expected to have limited improvement [169][170][171]. - **New Energy and AI Fields Are Expected to Be Important Sources of Future Copper Demand Increases**: In 2025, the copper consumption in the new energy industry increased. In the future, the new energy vehicle market is expected to maintain a growth rate of over 20%, and the copper demand in the AI field is expected to increase explosively. By 2030, the combined copper demand in the new energy and AI fields is expected to account for 22% of the total demand [181][182][185]. Seventh Part: Arbitrage Analysis In 2025, there were differences in the price increases of major global copper markets in the first half of the year. The copper - to - zinc ratio continued to rise. In 2026, the copper - to - zinc ratio is expected to continue to increase, and the copper - to - London ratio still has room to decline [202][204]. Eighth Part: Position Analysis In 2025, the net long positions in the COMEX copper futures and options market increased significantly, and the long positions of LME copper investment funds also increased. The investment funds had an obvious impact on the copper price [210]. Ninth Part: Seasonal Analysis Copper prices tend to perform well in January, March, October, November, and December, mainly due to demand - side factors such as policy support and seasonal demand peaks [215]. Tenth Part: Copper Options Market Analysis In 2025, the implied volatility of copper options showed an upward trend, and the option market was bullish on copper prices. In 2026, the implied volatility center of copper is expected to move up, which is beneficial to option buyers [218]. Eleventh Part: Copper Supply - Demand Balance Sheet In 2025, the global copper market's supply - surplus situation improved. In 2026, the global copper market is expected to shift from a supply surplus to a supply shortage, with an expected shortage of 150,000 tons [226]. Twelfth Part: Technical Trend Analysis From a technical perspective, copper has broken through the nearly 20 - year oscillation range since 2006, and the future upward space is promising [232]. Thirteenth Part: Full - text Summary and Operational Suggestions In 2026, copper is expected to be one of the strongest - performing commodities. The supply - demand pattern will shift to a shortage. The recommended operations are for downstream demanders to conduct long - hedging in far - month contracts, for spot holders to hold and wait for price increases, and for option buyers to consider buying call options [235][236]. Fourteenth Part: Related Stocks The report lists the performance of some copper - related stocks in 2025, including their year - to - date price increases and current prices [237].

Summary of JinJing New Energy Conference Call Company Overview - **Company**: JinJing New Energy - **Industry**: Battery recycling and renewable energy materials Key Points Financial Performance - Revenue for the first half of 2025 reached HKD 816 million, a year-on-year increase of 229% [3] - Core revenue driver is the reverse supply chain (recycling) business, generating HKD 790 million, up 400% year-on-year [3] - Gross profit was HKD 80 million, reflecting a 90% increase [3] - Net profit attributable to shareholders turned positive at HKD 15 million [2][3] - Cash and cash equivalents stood at HKD 140 million, with 62% of revenue coming from clients outside Hong Kong [2][3] Strategic Transformation - Significant growth in the reverse supply chain business offset declines in traditional construction contracting [2][5] - The company is transitioning towards high-growth sectors, particularly in renewable energy metal recycling [2][5] Global Battery Recycling Network - JinJing is actively establishing a global battery recycling network, including the first power battery processing facility in Hong Kong, expected to be operational by 2026 [2][7] - Acquisition of Green Jet Group and exclusive supply agreements with Fortune Metal Group enhance the recycling infrastructure across Asia, Europe, and America [2][8] - Plans to create a comprehensive recycling network across three continents by 2030, aiming to become a leader in overseas battery recycling [2][9] Market Outlook - The renewable metal market is projected to grow rapidly, driven by energy transition and increased demand for new technologies [6] - The International Energy Agency predicts a 30% shortfall in global copper supply by 2035, highlighting the importance of recycled resources [6] - The company anticipates increasing recovery rates for lithium, nickel, and cobalt in the future [6] Operational Insights - The asset-liability structure remains robust, with cash equivalents making up nearly 60% of current assets [4] - The company has established a producer pays model in overseas markets, ensuring stable and diversified revenue streams [4][11] - Strategic partnerships with major players like Guoxuan High-Tech and CATL enhance competitive barriers and service efficiency [4][20] Future Plans - Focus on expanding the Hong Kong market and establishing it as a template facility, with significant growth expected during the battery retirement peak around 2026-2027 [9] - Plans to build 8-10 processing lines globally to meet rising metal demand, particularly for copper, with potential annual recovery of 160,000 tons of recycled copper [10][22] - Capital expenditures will primarily support the establishment of overseas processing lines and upgrades to existing facilities [22] Competitive Landscape - The overseas battery recycling market is competitive, with regulatory challenges and new entrants [18] - JinJing's early partnerships with battery manufacturers provide a competitive edge and customer loyalty [18][19] Revenue Model Differences - The overseas model focuses on compliance and establishing a comprehensive recycling network, contrasting with the domestic model that relies on trade and service revenue [11][12] Conclusion - JinJing New Energy is positioned for significant growth in the battery recycling sector, with a strong focus on international expansion and strategic partnerships to enhance its market presence and operational efficiency [23]

Core Viewpoint - The development of Xingjing County over the past five years has transformed its ecological landscape and industrial structure, aiming for sustainable growth and ecological value conversion, with a projected GDP exceeding 9.7 billion yuan in 2024 [2]. Group 1: Ecological Development - Xingjing County is focusing on the construction of the Giant Panda National Park, with a planned 12,000 acres for a science popularization base that includes a panda exhibition hall and ecological experience routes [3]. - The county has a forest coverage rate of 80.3% and is home to the largest wild population of the rare species, the Davidia involucrata, showcasing its rich ecological resources [3]. - The county has been recognized as a model for ecological innovation and rural revitalization, having established a national-level germplasm resource bank and a provincial-level tourism demonstration area [3]. Group 2: Industrial Transformation - The county is developing a complete cold-water fish industry chain, enhancing its agricultural output with a focus on sustainable practices [5]. - In 2024, the comprehensive forestry output value is expected to exceed 1.39 billion yuan, with per capita income for forestry farmers surpassing 2,000 yuan, demonstrating the economic benefits of ecological conservation [6]. - The integration of ecological and industrial development is evident as traditional industries are being replaced by new, sustainable practices, including the promotion of high-end caviar production and the development of forest-based industries [6]. Group 3: Tourism and Cultural Development - The county is leveraging its panda-related branding to enhance tourism, with significant increases in visitor numbers to local accommodations and cultural products [7]. - The establishment of the "Panda Forest International Exploration School" and other educational initiatives reflects the county's commitment to environmental education and tourism [6][7]. - Collaborative efforts in the Chengdu-Chongqing economic circle are fostering new opportunities in the tea industry, enhancing the region's cultural and economic landscape [7]. Group 4: Social Development and Livelihood - The county has made significant investments in education and housing, with new schools and over 2,000 housing units allocated to residents, improving the quality of life [8]. - A 15-minute elderly care service circle is being developed, with over 60,000 meals served to seniors, highlighting the county's focus on social welfare [8]. - Continuous improvements in the business environment and initiatives to attract new farmers and investors are contributing to the county's economic vitality [8]. Group 5: Future Outlook - Xingjing County is poised for further development with a clear strategic vision and major projects in place, indicating a promising future [9].

Investment Rating - The investment rating for the environmental protection industry is "Positive" [2] Core Viewpoints - The "14th Five-Year Plan" emphasizes the development of a circular economy, which is expected to unlock potential in the recycling metal industry, making it a significant area for investment [2][3] - China's non-ferrous metal resources are unevenly distributed, with copper, aluminum, and nickel reserves being relatively scarce, leading to high import dependence [3][17] - The demand for copper is projected to increase significantly due to the growth of new energy sectors and data centers, with a potential supply gap of 30% by 2035 [26][29] - The production of recycled metals is crucial for achieving carbon neutrality, with significant energy and water savings compared to primary metal production [29][30] Summary by Sections Market Performance - As of November 21, the environmental protection sector declined by 6.02%, underperforming the broader market, which fell by 3.90% [3][10] - The water management and waste treatment sub-sectors also experienced declines of 4.50% and 9.76%, respectively [11][12] Industry Dynamics - The Ministry of Finance announced early allocation of the 2026 budget for clean energy development, supporting unconventional natural gas extraction [35] - The Ministry of Ecology and Environment issued a notice regarding carbon emission trading quotas for the steel, cement, and aluminum industries for 2024 and 2025 [36] - The production of ten major non-ferrous metals in China is expected to grow at an annual rate of around 5% [30][31] Investment Recommendations - The report recommends focusing on companies in the water and waste incineration sectors, which are expected to maintain stable profitability and positive cash flow [3][30] - Key recommended stocks include: Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and Junxin Co. [3][30]